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Following the last debt crisis in Europe, the Banking Union was established to integrate the Union’s financial sector and make it more resilient to future shocks. The Banking Union has instruments to monitor the condition of banks and support their restructuring to limit the impact of individual failures on the broader financial system.
However, the Banking Union is still missing its third pillar, a European Deposit Insurance Scheme (EDIS), which would allow the whole Union to guarantee bank deposits up to a certain amount. Without this instrument in place, the EU remains vulnerable to future crises because a single country may not be able to guarantee the deposits of its banks. If a bank goes bankrupt, the deposits it held are lost, causing collateral damage to the whole financial system surrounding it because people and companies cannot get their money back. This, in turn, can cause a ‘domino effect’ of bank insolvencies across Europe and another economic crisis.
The Banking Union should be completed without delay by introducing EDIS that would replace national insurance schemes. This will create a robust pan-European guarantee that EU bank deposits (including our personal savings) are not lost during crises, regardless of the member state each bank is located in. Achieving this is especially important now, as we are expecting a new economic downturn following the COVID-19 pandemic.
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